30th Jan 2014 09:23
LONDON (Alliance News) - UK pubs and restaurants operator Mitchells & Butlers PLC Thursday said its trading performance over the Christmas period was strong, resulting in a 2% increase in like-for-like sales in the year to date.
In a trading update, the Harvester and Toby Carvery pub-and-restaurant owner said it sold a total of 6.9 million meals across its estate over the three-week festive period to January 4, with like-for-like sales up 2.6% and like-for-like food volumes up 1.3%.
"Trading on Christmas Day was particularly strong, with like-for-like sales growth of 7.5% and 193,000 meals sold," it said.
In the year to date, which is the 17 weeks to January 25, it said total like-for-like sales are up 2%, buoyed by the strong festive trading and milder weather compared to last year. On a like-for-like basis so far this year, food sales were up 2.5%, and drink sales rose 1.3%, it said.
"We are reducing staff turnover, modernising our systems, increasing guest satisfaction and delivering against our transformation plan to create sustainable value for shareholders," Chief Executive Officer Alistair Darby said in the trading statement.
The group said it has opened 10 new sites so far in the current financial year, including four sites acquired from Convivial London Pubs. It said investment into its new pub systems is progressing on schedule with encouraging results, with nearly 400 now installed.
Shares in Mitchells & Butlers were trading 2.4% higher at 448.90 pence per share, putting them amongst the biggest gainers on the FTSE 250 Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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